Devonshire completes $19.07 million financing with Prudential Mortgage

Devonshire REIT, Inc. has closed on a portfolio financing for six properties in the principal amount of $19.07 million with a total property valuation of $28.99 million. The 10-year, fixed rate loan was provided by Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc. Proceeds of the financing were used to purchase Barberton Shopping Center, a 102,000 s/f Giant Eagle anchored shopping center in Barberton, and to refinance the following properties: Kroger/Big Lots Shopping Center, Taylor, MI, Kroger - Heatherdowns, Toledo, OH, South Haven Shopping Center, South Haven, MI, Michaels - Barboursville, WV and Anthony Wayne Professional Building, Whitehouse, OH. Chris Campbell, CEO and President of Devonshire, said, "Locking in long term, low rate financing stabilizes enterprise level cash flow and enhances shareholder value. The viability and reliability of our business model is further confirmed with each of these large financing packages." "This financing exemplifies the effectiveness of our capital markets strategy of accumulating assets and then carving out a multi-property portfolio that we can finance on more competitive terms than if we had financed the properties individually," said Mike Denman, Devonshire's executive VP of Real Estate. "We will continue this strategy as we look to exploit the tremendous opportunities offered in the Midwest and Great Lakes regions."